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Dec 31, 2023
Grainger Q4 2023 Earnings Report
Grainger reported solid fourth quarter and record full year earnings, issuing 2024 guidance with sales growth expected between 4% and 7%.
Key Takeaways
Grainger's Q4 2023 sales reached $4.0 billion, a 5.1% increase, with adjusted EPS rising by 16.7% to $8.33. The company's performance was driven by focused execution in both High-Touch Solutions and Endless Assortment segments.
Sales increased by 5.1% to $4.0 billion, or 5.5% on a daily, organic constant currency basis.
Reported operating margin was 13.9%, while adjusted operating margin reached 14.6%, an increase of 80 basis points.
Diluted EPS increased by 4.7% to $7.89 on a reported basis, and by 16.7% to $8.33 on an adjusted basis.
Plans were announced to open a new 1.2 million square-foot distribution center near Houston, Texas in 2026.
Forward Guidance
The Company is providing the following outlook for 2024: Total Company(1)2024 Guidance RangeNet Sales$17.2 - $17.7 billionSales growth4.3% - 7.3%Daily, organic constant currency sales growth4.0% - 7.0%Gross Profit Margin39.1% - 39.4%Operating Margin15.3% - 15.8%Diluted Earnings per Share$38.00 - $40.50Operating Cash Flow$1.9 - $2.1 billionCapEx (cash basis)$0.4 - $0.5 billionShare Buyback$0.9 - $1.1 billionTax Rate~24.0%Segment Operating MarginHigh-Touch Solutions N.A.17.4% - 17.9%Endless Assortment7.3% - 7.8%
Historical Earnings Impact
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Avg. Return Before/After Earnings
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